We have audited the accompanying financial statements of AUTO PINS (INDIA) LIMITED (THE
'COMPANY') (the 'Company'), which comprise the Balance Sheet as at 31 March 2025, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement
of Changes in Equity for the year ended on that date and a summary of the material accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013 as amended (the
'Act') in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act,(“Ind AS'') and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31 March 2025, and its Profits, other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
(“SA''s)specified under Section 143(10) of the Act. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of Financial Statements section of our report. We
are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the rules there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We
believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.

Emphasis of Matter

Without qualifying our opinion, we draw attention to Note No. 41 of the Ind AS financial statements
relating to non provisions of gratuity and leave liability, amount unascertained. The Company has
considered non provision of same as the same shall be accounted for at the time of retirement. Resignation
or termination of employee which is not in compliance with requirement of Ind AS 19 - Employee benefit.
We are as such unable to comment on the impact of such non-compliances on financial statement for the
current & earlier years and related assets and liabilities.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit
matters to be communicated in our report.

Except for the matter described in the Emphasis Matter Paragraph, we have determined that there are no
other key audit matters to communicate in our report.

Information other than the Financial Statements and Auditor's Report thereon

• The Company's Management and Board of Directors are responsible for the other information.

The other information comprises the information included in Company's annual report, but does
not include the financial statements and auditor's report thereon.

• Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is a material misstatement of
this other information; we are required to report that fact. We have nothing to report in this
regard.

Management's and Board of Director's Responsibility for the standalone Financial Statements

The Company's Management and Board of Directors is responsible for the matters stated in Section 134(5] of the
Act with respect to the preparation of these standalone financial statements that give a true and fair view of the
state of affairs, profit/loss and other comprehensive income, cash flow and changes in equity of the Company in
accordance with the accounting principles generally accepted in India including the Indian Accounting Standards
(Ind AS)specified under Section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the management and Board of Directors are responsible for
assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these the standalone financial
statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls system in place
and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the management and Board of Directors.

• Conclude on the appropriateness of management and Board of director's use of the going concern basis
of accounting in preparation of standalone financial statements and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Financial Statements may be influenced. We consider quantitative materiality and qualitative factors (i)
in planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the standalone financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. (A.) As required Section 143(3) of the Act, based on our audit we report that;

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books except for the matter stated in the paragraph 2(B)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

c) The balance sheet, the statement of profit and Loss including other Comprehensive Income, the Statement of
Cash Flows and Statement of Changes in equity dealt with by this report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under Section 133
of the Act.

e) On the basis of the written representations received from the directors as on 31st March 2024 taken on record
by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a
director in terms of Section 164(2) of the Act.

f) the modification relating to the maintenance of accounts and other matters connected therewith are as stated
in the paragraph 2A(b) above on reporting under Section 143(3)(b) and paragraph 2(B)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

g) With respect to adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such control, refer to our separate report in “ Annexure A”.

h] With respect to the matter to be included in the Auditor's Report under Section 197(16] of the Act, as amended,
in our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act.

B. With respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in the financial statements;
Refer Note No. 39 of the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and

Protection Fund by the Company. However there is delay in transferring old outstanding amount, required to
be transferred to the investor education & protection fund by the company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced

or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person or entity, including foreign entity (“Intermediaries”], with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or
indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries”] or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or entity,
including foreign entity (“Funding Parties”], with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”] or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the
year.

vi. Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of accounts which has necessary features and specifications to comply with the

requirements of Rule 11 (g) of the Companies (Audit and Auditors] Rules, 2014. However, the company is in
the process of establishing necessary controls and maintaining documentation regarding audit trail.
Consequently, we are unable to comment on the audit trail feature of the aforesaid software. Accordingly, as
a result, we are unable to comment on whether the audit trail had operated throughout the year or was
tampered with or has been preserved by the company as per the statutory requirements for record retention.

2. As required by the Companies (Auditor's Report] Order, 2020 (“the Order”] issued by the Central
Government of India in terms of Section 143(11] of the Act, we give in the “Annexure B” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For Sanjay Rawal & Co.

Chartered Accountants.

(Firm Reg. No. 012820N]

SANJAY RAWAL
Partner

Membership No: 088156
UDIN: 25088156BMNXSJ5903
Place: New Delhi
Date: 28.05.2024